Billionaire U.S. candidate Bloomberg floats plan to tax rich people 'like me'

U.S. democratic presidential candidate Michael Bloomberg on Saturday proposed major tax hikes on wealthy Americans and corporations, including a new tax aimed at people earning more than $5 million per year. Bloomberg's campaign estimates the measures will raise about $5 trillion over ten years. All major Democratic candidates have called for higher taxes on the rich and Bloomberg's plan helps situate the billionaire former mayor of New York as a relative moderate among Democrats hoping to challenge Republican Donald Trump in the November election.

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